Rise Of E-money Apps

September 20th, 2011 by Lauren Hazon | Print

Shoppers all over the world make use of electronic transmissions when they purchase items from sites such as eBay (using PayPal) and one American company has cottoned on to this and has created a new e-money app.

Google has just announced the launch of their new app called Wallet, which will allow people to pay for things with their phones. Although this is only currently in the US, some bigger companies like O2 are applying for e-money licenses to offer something similar to this. The way that they will work is that customers will put all information of their cards onto their phones. All they then will have to do is place their phone on a payment point to pay for items. Not only this, but it will be possible to text cash to friends.

Well, this does sound quite convenient, but personally I find the idea of this a little scary. Although the thought of not having to carry around a purse is quite an enticing prospect, what happens if your phone is stolen?  Although rather negative to be focusing on this aspect, but unfortunately these things do happen and if you lose your phone, you will also lose all of your cards too.

These fears with e-money are echoed by watchdogs who are saying that customers in Britain should not expect the same time of protection available with other e-money sites like PayPal. However, over the past few years, complaints regarding e-money have grown. Many experts have also said that although these services are convenient, they bring with them difficulties as many customers aren’t entirely sure how to use them.

If you are after a different kind of e-money, like an online cash loan, then look no further than a payday loan, like those we offer here at Payday Power. Cash amounts are available from £50 to £1250, and are available even if you suffer from a bad credit and have been turned away elsewhere. If you would like more information, then visit our FAQ pages.

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